Friday, November 22

Tag: UPI

WhatsApp’s Digital Payments Could Change the Scenario for Other Digital Players
16Feb By PriyankaNo Comments
News

WhatsApp’s Digital Payments Could Change the Scenario for Other Digital Players

Whatsapp has finally rolled out its much awaited payments feature across the country which is giving a huge boost to digital payments in India. Pixr8 also today published that digital payments in India will soon touch $1 trillion by 2023, which is for sure is good news for 'Digital India'. However, this is not the first time when WhatsApp tried foraying into the payments business. Last year it tried launching a payments app but was turned down by RBI, which says,"Non-bank entities applying for authorisation shall be a company incorporated in India and registered under the Companies Act 1956 / Companies Act 2013."  WhatsApp, owned by Facebook is headquartered in United States hence it could not enter the payments market. However, after Modi's Starup India and Digital India campaigns, ...
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Digital Payments in India to touch $1 Trillion by 2023
16Feb By Sabhyata AgarwalNo Comments
News

Digital Payments in India to touch $1 Trillion by 2023

After Paytm, Google Tez, Hike and PhonePe like platforms that provide online peer to peer transactions and more, have rolled out, millions of users have moved to electronic payment interface thus expanding the Digital Payment Space. But what is expected to make Digital Payments in India to progress to $1 trillion from $51,756 million (2018) by 2023, is the entry of global players in the country's automated space, as mentioned by investment banking firm Credit Suisse in a report. "Digital payments (in India) currently aggregate less than USD 200 billion, of which mobile is still at just USD 10 billion in financial year (FY) 2018 E (estimated) . We estimate that the total digital payment market in India will grow to USD 1 trillion by FY23E led by the growth in mobile payments," the repor...
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Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device
31Oct By RishabhNo Comments
News

Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device

Indian e-commerce Unicorn Flipkart's digital wallet Phone Pe has made a bold move to challenge Paytm, by launching a unique PoS(Point of Sale) device- which looks like a small calculator backed with Bluetooth technology as a payments solution for merchants. The device has several features that makes it fit for a Indian merchants. Priced at  $10(around Rs 650), it can run for months, powered on a AA battery and relying on nothing the consumer's smartphone data connection. “It looks and feels and acts like a calculator, it costs less than $10 (nearly ₹650) and it is a plug and play product,” Phone Pe CEO Sameer Nigam told reporters at a conference in Bengaluru, launching the device. “Most payment solutions today do not address the basic problems. Merchants need a durable, cheap and ...
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This Is What Google’s New UPI App ‘Tez’ Has To Offer
18Sep By RishabhNo Comments
INDIA, News

This Is What Google’s New UPI App ‘Tez’ Has To Offer

Alphabet Inc's Google has finally forayed into the payments space, by launching its app 'Tez' exclusively in India on Android and iOS. The app is now available on Play Store and App store for the users to download. Google’s VP for Next Billion Users Caesar Sengupta launched the app at an event in New Delhi in the presence of Finance Minister Arun Jaitely. Unlike a digital wallet Tez is built on UPI that allows for payments directly via bank accounts. It allows the users to do financial transactions like sending money, receiving payments directly into their bank accounts. The users can link the app directly to their bank accounts.The platform is built on the government's Unified Payment Interface (UPI). “Google Tez app is design for India and made in India. It supports seven Indian lang...
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Paytm And PhonePay Asks PM Modi To Make NPCI Neutral Towards Bhim
25Aug By AnkitaNo Comments
News

Paytm And PhonePay Asks PM Modi To Make NPCI Neutral Towards Bhim

An issue of NPCI's premium treatment to BHIM app was brought up by several leading entrepreneurs in the payments sector, including Paytm’s Vijay Shekhar Sharma and PhonePe’s Sameer Nigam, at the NITI Aayog event held last week, reiterating the suggestions made by the Watal Committee. They recommended the Prime Minister and the government to make National Payment Corporation of India (NPCI) a neutral body to ensure a level playing field between banks and pvt tech companies. The issue was  NPCI’s backing of BHIM app and the government outlying nearly Rs 500 crore for cashback and bonus only for this UPI app as per the report by The Economics Times. Around 74.7% of the shareholding of NPCI is held by 10 promoter banks. Last year, NPCI broad-based its shareholding base to 56 banks fro...
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MobiKwik Partners With Samsung Pay For One-Tap Payments
16Jul By Saumya SunderNo Comments
News

MobiKwik Partners With Samsung Pay For One-Tap Payments

Digital payments company MobiKwik has recently partnered with Samsung Pay, under which consumers will be able to make payments with a single tap using selected Samsung handsets. "As part of the tie-up, MobiKwik wallet is now integrated with Samsung Pay Mini to enable one-tap payments at more than 1.4 million MobiKwik-powered merchants across the country", the digital payments firm Mobikwik said in a statement. Samsung Pay is the feature given by Samsung, in flagship phones- like S8, S7 edge etc. that allows users to just tap and pay using the debit/credit cards and wallets stored on their mobile devices. Samsung launched this service in India in March, 2017. "The future of digital payments in India will thrive only by collaborating with various ecosystem partners to drive acceptance. Mo...
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Indian Banks to start charging for P2P payments on UPI
8Jun By Press Trust of IndiaNo Comments
INDIA

Indian Banks to start charging for P2P payments on UPI

Nearly two years after operationalisation of the Unified Payment Interface (UPI), banks have started moving to charge for peer-to-peer payments on the new platform. Countrys largest lender State Bank of India has came out with charges with effect from June 1, while the second largest private sector lender HDFC Bank has also gone public with its rate structure which will be effective July 10. "So far, no bank is charging for UPI transactions but at the same time it is at their discretion to levy a reasonable fee towards Person to Person (P2P) transactions for UPI and IMPS," National Payments Corporation of Indias chief operating officer Dilip Asbe said in a statement. A senior NPCI official explained that worldover, charges are levied for such transactions and added that in case of...
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BHIM App Crosses 18 Million Downloads
17Mar By NitishNo Comments
INDIA

BHIM App Crosses 18 Million Downloads

Indigenous digital payments app BHIM, launched by the central government last December for fast and secure cashless transactions, has recorded 18 million downloads so far, Niti Aayog CEO Amitabh Kant today said. "#BHIMApp breaks all records! Crosses a record of 18 million downloads since its launch on Dec 30 2016. #GoCashlessGoDigital," Kant said in a tweet. The Bharat Interface for Money (BHIM) app was launched on the iOS platform earlier this month. It is also available on the Android platform. BHIM is a Mobile App developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). It was launched by Narendra Modi, the Prime Minister of India, at a Digi Dhan programme at Talkatora Stadium in New Delhi on 30 December 2016. It has been name...
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Cleartrip Integrates with Uber API to Offer Local Activities
1Feb By NitishNo Comments
News

Cleartrip Integrates with Uber API to Offer Local Activities

Online travel and activities platform Cleartrip today said it has partnered with global ride sharing company Uber that will integrate the latter's Application program interface (API) to make contextual local activity suggestions. This integration will also offer seamless Uber ride requests on the Cleartrip platform, a release issued here said. After this integration Uber riders can now discover and book local experiences in their cities. "We are excited to enable a new channel for our product suite through this partnership with Uber. We are sure this will increase the discoverability of our Local product. We have always innovated on customer experience and this will further the cause by taking the local activity right to the users when they most likely need one," Cleartrip Chief Mark...
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Paytm Gets RBI Licence For Payments Bank
3Jan By NitishNo Comments
News

Paytm Gets RBI Licence For Payments Bank

Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. On its blog, Paytm announced this news. However, Airtel is the first company which already start a pilot project of payment bank in Rajasthan. In a statement Paytm said, "At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of unserved or undeserved Indians." With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. Earlier today,...
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